The State Oil Company of Azerbaijan (SOCAR) has established the first joint venture, which will carry out drilling in the onshore fields. The SOCAR told Trend that Azeri Drilling Company was founded between the British Firstdrill Ltd and Target Petroleum.
The SOCAR has a share in the JV, which is involved in offshore drilling (РЎРџ Caspian Drilling Company). Azeri Drilling Company is the first onshore JV founded by the SOCAR and foreign companies, the SOCAR said.
In January to May the SOCAR drilled over 54,000 meters. In May 2006 the drilling activities in the fields made up 15,068 meters.